Accountant’s Box Newsletter: Is ‘Payroll Support Package’ suitable for you?

This Month Focus Service: Payroll Support Package

Processing payroll is a time-consuming process and requires attention to detail. Handling large amounts of staff data and ensuring accurate calculation takes away considerable time from the core business. Payroll outsourcing reflects the time a company can win back by outsourcing these duties. 

In-house payroll systems are subject to a lot of risk, including loss of data as files may corrupt, identity theft and salary details leaked among employees. Outsourcing this function will help you not only chose an outside professional vendor who can handle your payroll with care but also help you chose cloud based payroll software which are secure.

Payroll services that we provide are as below:

  • Identify payroll software to suit your needs and budget
  • Implement payroll system in your organization
  • Preparation of monthly payroll calculations based on data received from HR
  • Support in compliance with government regulations and WPS system
  • Maintain payroll data in secure manner

This Month Focus Blog: VAT Registration: Natural Persons- Impact of UAE VAT On Individuals

VAT
As of the 1st of January 2018, a new tax was implemented which is 5% value added tax (VAT) in the UAE.
UAE has introduced VAT to generate revenue to promote the welfare of the people living within the country.

Who has to register for VAT?
UAE companies should have registered for VAT if the value of their taxable supplies exceeded AED 375,000 (around US$ 100,000) over the previous 12-month period or is expected to exceed that threshold in the next 30 days. A Natural Person owning a number of sole establishments needs to obtain only one VAT registration. The VAT registration may be obtained in the name of a natural person or in the name of one of its sole establishments.

Natural Person and Legal Entity:
Both are legal names of the entity. If someone is a natural person, then his full name will be considered under law of VAT and if someone is a legal person,  their trade license name or the name which is used to incorporate their company will be accepted as the legal person.

VAT tax registration threshold:
You must register for VAT if your VAT taxable turnover goes over  AED 85,000 (the ‘threshold’), or you know that it will.

Here are the action based on the Clarification:

Future VAT tax Registrations
Existing VAT Registrations

For more detailed information on the topic, visit our article – Click Here

This Month We Are Promoting: Bowline Trading LLC

Bowline Corporate gifts and uniforms, deliver innovative and cost effective gifts and uniforms, without compromising on the quality within the scheduled timeline. We try and promote the goods and novelties which are made in the UAE, and also source from factories around the globe if required. We engage in the details to make the customer fully satisfied with their spent.

Bowline caters to company events like conference, anniversary and award events, promotional gifts for exhibition events like Gitex,  Travels and Adipec. We work closely with Exhibition and event organizers.

Bowline Trading LLC Offering- Key Benefits

Highlights : Corporate gifts –

  • Events and promotions
  • Wedding favors
  • Exhibitions

Uniforms – Corporate and industrial uniforms

  • Restaurant uniforms
  • Promotional T-shirts
  • Executive shirts
  • Industrial coveralls
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